Page 9 By Frank Giorno Lisa Zangari IAMGOLD s V ice President of Human Re sources and a T immins native unveiled her company s plans to assess and potentiall y develop an open pit gold mine near Cote Lake about 135 km south of T immins It gives me great pleasure to introduce IAMGOLD s Cote Gold project Zangari said while speaking at the Gala Dinner and the opening ceremony for the Northern Mines ing the construction phase and 500 full time employees during the operation phase Although a formal feasibil ity study has not been completed the cost of setting up operations for IAMGOLD is estimated to be 14 billion over the 15 years of the open pit operation IAMGOLD s Resource Delineation and Economic Stud ies show a potential indicate d resources of 249100000 tonnes of ore with a grade of 09 grams per tonne with an expected 7035000 oz of gold produced during the lifespan of the mine The location of Cote Gold is advantageous to IAMGOLD because it contains af fordable and plentiful electrical sup ply water supply and skilled labour from the T immins and Sudbury area Zangari said IAMGOLD s vision is to be the global lead er in generatin g superior value for stakeholders through accountable mining Our vision guides IAMGOLD in knowing where we are going how is the best way of getting there and how we know we are there During this phase IAMGOLD is engaging stakeholders through a series of open houses IAMGOLD is conducting the prefeasibility and envi ronmental assessment studies and obtained input from the local communities through a series of open house events in Sudbury May 21 Gogama May 22 and T im mins May 23 By the end of 2013 IAMGOLD will submit for review a coordinated environmental assessment report to the Ca nadian Environmental Assess ment Agency and the Pro vincial Environmental Assessment offce It is anticipated that the coordinated EA process will be completed by the end of 2014 Should IAMGOLD make the decision to proceed with the project following complet ion of the feasibility and en vironmental studies construction approvals to build the open pit mine will be pursued between 2015 and 2016 Parallel to that operational approval will be sought from the provincial government between 2015 and 2016 Once approvals are obtaine d IAMGOLD could begin construction and potentially begin operations in 2017 Fifty people are employed by IAMGOLD at the Cote Gold Project at the present Half live in Gogama Ontario and surrounding communities Local service contracts are in place for hauling cle aring brush making roads pipe fusing and making core sample boxes IAMGOLD hires local people where possible in keeping with their value of promoting local employment and local procure ment where ever practicable IAMGOLD is also working to develop partnerships with local education al institutions to develop educational pro grams to teach open pit mining skills Expo 2013 This is the frst project for IAMGOLD in our home province of Ontario near my own home town she added Zangari went on to describe what could be one of Cana da s lar gest gold projects with an additional exploration potential extending to 516 square km in the vicinity The site was previously owned by T relawney Gold Mines and was purchased by IAMGOLD in June 2012 Globally IAMGOLD operate s 4 other gold mines in Suri nam W est Africa and Quebec It also operates a niobium mine in Quebec IAMGOLD is assessing the potential to build a lar ge open pit mine along the scale of the Detour Lake open pit gold mine northeast of Cochrane Ontario The Cote Gold Deposit is situated on the Swayze green stone belt It is the southwestern extension of the Abitibi Greenstone belt which exten ds 200 km from Northwest Quebec to a point west of T immins Zangari explained that the rock structure around Cote Lake represents a lar ge gold mineralize system associated with altered and brecciated intrusive rocks interpreted as an Achaean gold porphyry deposit IAMGOLD envisions the Cote Gold project to have an operating life of 15 years processing 60000 tonnes of ore per day The project could result in 1200 employees dur IAMGOLD s Cote Lake Mine Aims to be massive contributor to well being of community Page 9 Photo Lisa Zangari IAMGOLD s V ice President of Human Resources